IGI completes business combination with Tiberius

17-03-2020

International General Insurance Holdings (IGI) has completed its business combination with Tiberius Acquisition Corporation. 

The business combination was approved by Tiberius stockholders at a special meeting of stockholders on March 13, having already been approved by former IGI shareholders. 

IGI shareholders exchanged 100 percent of the outstanding shares of the former IGI for common shares of IGI Holdings, plus an aggregate of $80 million. Each share of Tiberius common stock was exchanged for one IGI Holdings common share on March 17.

The transaction consideration payable to former IGI shareholders in connection with the business combination is $390.3 million.

The deal leaves the former Dubai-registered IGI as a wholly-owned subsidiary of the new public company, registered in Bermuda, named International General Insurance Holdings. Meanwhile Tiberius merged with a wholly-owned subsidiary of IGI Holdings and became a wholly-owned subsidiary of IGI Holdings.

Wasef Jabsheh, CEO and founder of IGI, becomes chairman of the board of IGI Holdings. 

As part of the transaction, Tiberius and IGI raised approximately $146 million of gross equity capital, including non-redeeming Tiberius shareholders and equity raised in private placements. Approximately $40 million of equity capital was contributed to IGI’s balance sheet, to support IGI’s core specialty re/insurance business.  

Following the combination, Tiberius has cancelled the special meeting of its stockholders that had been previously scheduled for March 19, which would have allowed for a vote for an extension to the deadline to complete the combination. 

IGI, International General Insurance Holdings, Tiberius Acquisition Corporation, Wasef Jabsheh

Bermuda Re